An independent director on the board of Suzlon Energy - Marc Desaedeleer - tendered his resignation from the board on Saturday, June 8, the company informed stock exchange through a regulatory filing.
In the resignation letter, Desaedeleer - who joined Suzlon's board in 2016 - expressed satisfaction with the company's operational and financial performance over the past eighteen months, but raised concerns over compliance and transparency. "... several situations occurred where the corporate governance standards applied by the company did not meet my expectations, including situations where communications lacked the level of openness and transparency I would have liked to see," Desaedeleer wrote in his resignation letter.
The concerns were discussed with chairman Vinod Tanti and shared with the board as well, Desaedeleer added, "with the hope that this information can be used in a constructive mannner."
Morgan Stanley recently issued an 'Overweight' on Suzlon, calling it a key beneficiary of India's energy transition, well positioned to benefit from the move to greener, cleaner energy.
Over the next five years, Suzlon could see wind orders of around 32 GW or $31 billion. Earnings are likely to grow at a 57 percent CAGR from FY24 to FY27, said the note.
On May 29, domestic brokerage Nuvama Institutional Equities also initiated coverage on the player with a 'buy' call, citing positive growth prospects.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
